A group of residents in midtown Toronto is fighting back against a townhouse development in their neighbourhood. Their complaint? The proposed homes will "only" cost $500,000, the Toronto Star reported.

According to the Star, a developer is planning an 80-unit development in the posh residential area, just south of one of the most expensive neighbourhoods in the city.

Homes in the area can sell for $1 million to well over $2 million dollars and the 50 or so members of the "Density Creep Neighbourhood Alliance" are worried "places that are only $500,000" will drag down their property values.

“We’re not against development,” Marcia Visser, founder of the Density Creep Neighborhood Alliance, told the Star.

“We’re just for planned development that enriches our neighbourhood and maintains and reinforces the physical character of our neighbourhood.”

She's also worried about "an influx of transient people," the Star reported.

Renderings for the stacked homes show rooftop terraces, lush gardens and a modern glass-and-brick design.

If approved, project isn't slated for completion until fall or winter 2017, but the 619 to 2,328 square-foot units are already available for registration.

In addition to the prices, the Alliance says on its website that the "proposed development exceeds the current zoning restrictions in height, density and setback and does not fit with the character of the street."

Vancouver's mayor released a statement about the rally, saying "I hear on a daily basis from people who are struggling to stay in the city, whether it's finding a decent place to rent for their family or a modest home to make an entry into the housing market.

"This conversation needs to happen and I hear the concerns loud and clear — and I hope the provincial and federal governments are listening too."